Rheaply, a Chicago, IL-based climate tech company that combines a resource-sharing network with an asset management platform, raised $2.5M in seed funding.
The round was led by Hyde Park Angels, with participation from Concentric Equity Partners, M25, Techstars Ventures, and individual angel investor Walter A. Winshall.
The company intends to use the funds to further invest in the platform and build out its engineering, product development, and marketing teams.
Led by Garry Cooper, co-founder and CEO, Rheaply enables companies to share and sell physical assets within and between organizations on its modernized asset management platform. With its Asset Exchange Manager (AxM)™, organizations in a number of verticals, including higher education, healthcare, technology, government, and retail, can gain transparency about and utilize available assets, which enables them to decrease procurement costs, storage costs, and unnecessary waste.
Thus far, conservatively Rheaply has helped organizations divert over 14.5 metric tons of waste and produce $1.3 million in cost savings with over 10,000 transactions, the majority of which occurred in 2019.